Americans planning on doing some springtime traveling might want to budget a little extra for gasoline.
The national average for a gallon of gas on Monday was $2.75, up 81 cents from a year ago, USA Today reports. Some analysts predict it could go to $3 a gallon before the start of the summer driving season.
In some places in California, the average price of a gallon of gas already tops $3. However, that is still well below the $4 a gallon motorists paid to fill their tanks a couple of years ago.
Jim Ritterbusch, president of oil trading adviser firm Ritterbusch and Associates, expects prices to peak at between $3 and $3.25 a gallon between now and the Fourth of July, but then drop down for the rest of the summer with weak demand.
The nation's high unemployment rate is helping to keep pump prices down with fewer Americans driving to work. Americans drove about the same number of miles last year as they did in 2008, but that is still fewer vehicle miles than in 2007.
Mr. Ritterbusch does not foresee much of an increase in demand until unemployment drops below 8.7 percent.
Refineries are also running below their capacity of 17.7 million barrels of crude oil a day. The possibility of higher prices could encourage refineries to increase production, but greater supplies in turn could keep prices down.
